The sell-off to Buyology follows the sale last week of six Hyper Value stores to Hypa Xtra - the new discount chain set up by Ian Rogers, the former chief executive of Hyper Value.

Hilco has also sold freehold properties, including one in Cardiff to Thrubwell Properties - the real estate investment group based in Bristol - in deals worth in excess of #3m.

In a further transaction, Hilco has also exchanged contracts on the sale of the former head office of Hyper Value at Merthyr Tydfil for a consideration of almost #4m.

Hilco acquired 50% of the debt-laden Hyper Value group in August and has been working with Ian Rogers - son of the business's founder - to restructure the business and repay its substantial bank debts.

The business was returned to solvency after an injection of capital from Hilco to fund a settlement agreement with the company's creditors who are due to receive the final instalment of the settlement payment in January.

Last week Hilco acquired the 50% of the business held by Mr Rogers and provided a #350,000 working capital facility to his new business, Hypa Xtra. Hyper Value will continue to operate the store in Pontypridd.

Paul McGowan, chief executive of Hilco UK, said, "At the end of a busy Christmas week we are in a position to repay all of the group's bank debt and have enabled our partner, Ian Rogers, to achieve his aim of setting up a new discount chain in South Wales.

"We have managed to save over 75% of the jobs at Hyper Value which was on the brink of receivership in August. Some of the head office staff have transferred to Buyology or have joined Ian Rogers's new business so we expect that percentage to increase further."

Hilco and Mr Rogers continue to own and operate the Barry Island Pleasure Park, Dolphin bar and KR's nightclub in Barry.

Hilco UK is one of Britain's leading retail restructuring specialists. Recent transactions have included the acquisition of Stationery Box, the transition of 120 Littlewoods stores to Primark and the acquisition and disposition of the Allders department store group.